We Understand What You're Going Through
Divorce often leads to complex mortgage situations. According to the American Community Survey, over 800,000 divorces involving marital homes occur annually in the United States. This can result in the need to refinance or purchase a new home, often on a reduced income. NMHL helps divorcing borrowers navigate these challenges.
Over 90% of divorcing couples must address the family home in their divorce settlement.
Understanding Your Mortgage Options After Divorce
Divorce is a significant life event that often requires financial restructuring, particularly when it comes to the family home. Whether you're keeping the marital home or purchasing a new one, understanding your mortgage options is crucial. NMHL specializes in helping divorcing borrowers navigate these complex situations.
One of the most common challenges is removing an ex-spouse from the mortgage. This typically requires refinancing the existing mortgage into your name only. NMHL's rate and term refinance options can help you achieve this while potentially securing a better interest rate.
Remove your ex-spouse from the mortgage with NMHL's refinance options
Divorce Buyouts and Cash-Out Refinancing
If the divorce decree awards you the family home but requires you to pay your ex-spouse their equity share, a cash-out refinance can provide the necessary funds. This process involves refinancing your home for a higher amount than your current mortgage, using the difference to pay your ex-spouse. NMHL's cash-out refinance programs are designed to simplify this process.
- Fund divorce buyouts efficiently
- Consolidate debt and simplify your finances
- Potentially lower your interest rate
Simplify your divorce buyout with NMHL's cash-out refinance
Qualifying for a New Mortgage on a Single Income
For spouses leaving the marital home, qualifying for a new mortgage on a single income can be challenging. NMHL offers various mortgage programs designed to accommodate single-income borrowers. Our loan officers will work with you to determine the best option based on your credit score, income, and down payment.
We consider alternative income sources, such as alimony or child support, when qualifying you for a mortgage. This can help you achieve homeownership even on a reduced income.
Get pre-approved for a new mortgage on a single income
Working with NMHL: Your Path to Mortgage Solutions After Divorce
At NMHL, we understand the complexities of divorce and its impact on your mortgage. Our experienced loan officers are here to guide you through the process, from removing an ex-spouse from the mortgage to qualifying for a new loan on a single income.
We pride ourselves on our personalized service and ability to tailor mortgage solutions to your unique situation. Whether you're keeping the family home or starting fresh, we'll work with you to achieve your goals.
Your next chapter starts with NMHL
You're Not Alone in This
Thousands of homeowners face the same challenges every year. Our experienced team has helped families across 29 states find mortgage solutions tailored to their unique situations.
Solutions for Divorce Mortgage in Minnesota
NMHL offers multiple pathways to homeownership for Minnesota borrowers.
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Divorce Mortgage in Minnesota - FAQs
NMHL is a licensed lender in Minnesota with 25+ years of experience helping borrowers overcome challenges like divorce mortgage. Our loan officers will evaluate your situation, identify the best loan programs available, and guide you through the entire process.
Minnesota borrowers have access to multiple loan programs including FHA, VA, conventional, and non-QM options. The best program depends on your specific situation. Contact NMHL for a personalized assessment of which programs you qualify for.
No. NMHL offers a fully digital application process. You can apply online, submit documents electronically, and communicate with your loan officer by phone, email, or video. Our Minnesota-licensed team is available to assist you remotely.
The typical mortgage timeline in Minnesota is 30 to 45 days from application to closing. This can vary based on loan type, property specifics, and documentation completeness. NMHL works to streamline the process wherever possible.
No. NMHL offers free, no-obligation consultations. Our loan officers will review your situation, explain your options, and help you create a plan — all at no cost to you.
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